Kate recently hosted an event for our clients on how to grow your business.  It was a really great session on key things to focus on which can make an incredible difference for your growth. We wanted to recap those here:

Know your values!

You can’t be everything to everyone. Hone-in-on what you want the business to be known for and make sure you focus your efforts on doing that. We talk about the value matrix –basically you can provide best price, best service, or best quality.  

You can offer 2 of the 3 but you can’t sustainably offer all 3. If you are best price, then either quality or service has to suffer as you won’t be able to afford the quality product or staff to maintain those values. You either sacrifice being the cheapest so you can offer the service and quality. Or you have to sacrifice either quality or service to keep your prices low.  Once you know your 2; tailor your pricing, quoting and delivery accordingly. This exercise gives you great clarity when dealing with customers.  While it is hard to accept as business owners sometimes clients just aren’t the right fit for your business.

Be strategic with how to target growth!

There is no doubt that you need to spend money to make money.  Business is all about risk.  But when looking to grow we commonly see the default solution is to just go spend money on advertising.  Advertising is a great strategy when done right. But first step should be developing a growth strategy so you can see if advertising is even going to be the right decision and if so, what that advertising should be targeting. When looking at the growth strategy we look at the growth equation:

In the above you can break down your sales into 4 levers which can be pulled on to increase your revenue. Advertising is generally the go to strategy to create more leads. But if your conversion percentage is terrible then the decision to spend money creating more leads means burning through a lot more leads. There are only so many customers out there so if you burn them, the question is do they give you a second chance later or is that it in this case, the better strategy would be to focus on the conversion process to increase that percentage. Typically, this is the quickest, easiest and cheapest fix too.

Each of these levers we have 100s of strategies for.  So, if you want to grow why not spend money to make money and book in with us to go through these strategies for your business.

We host free sessions like this regularly for our clients.  So, keep an eye out for our future events.

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